The man who was once Australia's wealthiest citizen will come before the courts next week for misleading the market. The mining magnate Andrew Forrest and his iron ore company Fortescue Metals are being sued by the Securities and Investments Commission.

Transcript

LEIGH SALES, PRESENTER: The man who was once Australia's wealthiest citizen will face the courts next week accused of misleading the market.

The mining magnate Andrew Forrest and his iron ore company Fortescue Metals are being sued by the Securities and Investments Commission. They're accused of misleading investors over several foreign deals struck in 2004.

ASIC alleges that Fortescue overstated the substance and effect of agreements with three Chinese companies. Fortescue says it will vigorously defend itself against the charges.